Survey finds employers will need to make significant changes to workplace policies, compensation and benefits to successfully navigate the new landscape
NEW YORK, June 15, 2022 /PRNewswire-PRWeb/ -- A new survey conducted by Arizent, parent company of American Banker, The Bond Buyer, National Mortgage News, Employee Benefit News and other leading information brands for financial and professional services, finds that employers will need to hone in on their workplace policies, boost compensation and benefits and listen to employees' needs if they hope to successfully navigate the Great Resignation today, and the challenges the future may hold.
Of those surveyed for Arizent's How To Win the War for Talent report, more than seven out of ten employers say that attracting, retaining and maintaining their workforce is a challenge right now. For large companies with 250-2,000+ employees, around half list these challenges as top concerns. For smaller organizations, around a third say this is the case.
"The Great Resignation has ripped through every industry and every organizational level, leaving employers scrambling to fill roles, while keeping their current employees supported and engaged," noted Janet King, Arizent's Vice President of Research. "In 2021, 47 million people voluntarily quit their jobs; that number is expected to balloon even higher, as 23% of workers are actively seeking new roles in 2022."
The research also found that even though 90% of employers admit to recruiting challenges, no one reason is clear. From compensation and flexibility, to advancement opportunities and benefits, the priorities of employees are shifting.
The people leaders in this report acknowledge that flexible work is here to stay, and can serve as a powerful tool: 50% of organizations that offer flexible work say that the approach is highly effective in bringing in new talent.
Each Arizent brand will share further analysis of the research implications for their respective communities, including American Banker's review of why the talent pressures will persist in banking and National Mortgage News deep dive into how servicers are tapping into origination talent.
The implications of the research are also being explored this week at American Banker's DIGITAL BANKING, conference in Austin, Texas, June 13-15, and Financial Planning's INVEST conference, June 16-17 in New York City. Original research is available to subscribers of American Banker and Financial Planning, and the full report can be downloaded at https://www.americanbanker.com/research-report/employers-are-scrambling-for-solutions-amid-the-great-resignation.
Research Background/Methodology
This research was conducted online during April 2022 among 599 total respondents. The survey included 486 People Leaders across the banking, accounting, insurance, wealth management and mortgage industries. Some of these people leaders are also HR professionals. The survey also included 113 HR professionals from other major US industries.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About Arizent Research
Arizent Research delivers actionable insights through full-service research solutions that leverage their first-party data, subject matter expertise, and highly engaged communities across the banking, payments, mortgage, insurance, municipal finance, accounting, HR/employee benefits and wealth management communities. They conduct research to support original insights and analysis for their various editorial and content brands, as well as custom research programs for clients in the industries they serve.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
Media Contact
Janet King, Arizent, 207-807-4806, [email protected]
SOURCE Arizent
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